Reverse mortgage transactions are not treated as transfers, and loan receipts remain exempt from income tax. Any transfer of a capital asset in a reverse mortgage transaction under a scheme notified by the Central Government is not regarded as a transfer for capital gains purposes. The provision applies to an individual transferor and a residential house property, and the amount received as a loan, whether in lump sum or instalments, is stated to be exempt from income tax.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reverse mortgage transactions are not treated as transfers, and loan receipts remain exempt from income tax.
Any transfer of a capital asset in a reverse mortgage transaction under a scheme notified by the Central Government is not regarded as a transfer for capital gains purposes. The provision applies to an individual transferor and a residential house property, and the amount received as a loan, whether in lump sum or instalments, is stated to be exempt from income tax.
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